SEC Climate Disclosures Within Agency’s Remit: Rulemaker Chief

US accounting rulemakers weren’t heavily involved in the creation of the SEC’s sweeping climate disclosure plan, the Financial Accounting Standards Board chief said Thursday.

The board “certainly got a heads up” that the regulator’s proposal would include new financial disclosure requirements, FASB Chair Richard Jones said. The Securities and Exchange Commission’s drafting of financial disclosures is within its remit, he said at a University of Southern California financial reporting conference.

Guidance about full cost accounting for oil and gas companies was created by the SEC, as were the original disclosure requirements on effective tax rate reconciliations, for example, Jones said. ...